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options?

Recently had a writ of seizure and sale for my home, from a law firm representing capital one, approx $$13,500.00 I have a first and second mortgage on the property and am willing to make payments towards the debt. I think i can afford $2-300.00 per month, would this be accepted? should I consider bankruptcy? I do have debts totalling approx $40,000.00 including RBC that already have a writ against me and are accepting $25.00 per week, as well as cit bank and paying them $135.00 a month. The home is worth $340,000, first mtg @$180k, second @ $80k. any suggestions would be great. Also, on my credit report it shows as capital one writing off my debt, why would they hire a law firm to collect?

One Response to “options?”

A Writ of Seizure (or a Writ of Execution) is the end result of some legal action taken against you. The lender sued you, was given a Judgement by the Court (the Court confirmed how much it is that you owe the lender) and now the lender has a document (the Writ) that they will register with the Sheriff’s Office against your property. If you try to refinance or sell your home then the Writ will come into play – it will have to be paid out from the money from the sale or the refiancing.

A Writ can be used to actually take possession of your home, but it requires another Court action and it is not usually done unless the debt is very large. If you receive any documents from a law firm take the time to read them carefully to make sure you don’t miss something important…

Companies hire law firms and collection agents to collect so they don’t have to be the “bad guys” – it’s bad for business.

Based on everything else you list in your question, it is time for you to sit down with some one to try and sort things out.